OPEC+ Weighs Major Oil Output Changes Ahead of July

OPEC+ countries are contemplating a significant increase in oil output for July, potentially larger than the previous increases. The group's strategy, influenced by Saudi Arabia and Russia, aims to adjust market share and address overproduction issues. Kazakhstan's recent announcement adds complexity to upcoming discussions.

In a pivotal meeting scheduled for Saturday, OPEC+ is considering a substantial boost in oil output for July, surpassing the earlier increments of 411,000 barrels per day for May and June, according to sources familiar with the discussions.

This potential change reflects the ongoing strategy by key players like Saudi Arabia and Russia, who aim to reclaim market share while managing the overproduction behavior of some member countries. Despite the potential for increased supply affecting prices, eight OPEC+ countries have been accelerating their output.

Recent developments, such as Kazakhstan's stance against production cuts, have added layers of complexity to the upcoming discussions. Observers keenly await the outcome of these deliberations as the energy market seeks stability amidst fluctuating dynamics.

(With inputs from agencies.)